Local Stonegate Pubs That Could Be 'At Risk'

The GMB Union has raised fears over the parent company of Stonegate Pubs, who owns a number of local "watering holes" and their current refinancing bid.

Almost 200 Stonegate pubs across Kent could be “at risk” of closure after private equity parent company TDR capital seeks to refinance £2.5 billion of debt the union warns.

Some local pubs that could be affected include The Beauty Of Bath, Bunters, The Red Lion  and The Vineyard in Sittingbourne along with The Sun Inn in Bredgar and The Fruiterers Arms in Rodmersham.

The Three Hats in Milton Regis, The Old Wine Vault and The Phoenix pubs in Faversham and The Flying Dutchman in Queenborough are also owned by the group.

Stonegate is one of the largest pub operators in the UK with more than 4,500 pubs across the country,

The GMB say that they are worried refinancing could lead to “crippling payments”, resulting in cuts in hours for staff, health and safety and a “rise in a toxic culture of bullying and harassment”.

Gary Lindsay, boss of TDR Capital, which also owns Asda supermarket, was before The Business and Trade Select Committee on Tuesday (9th January) and told them that he was ‘confident’ that the £2.6billion of debts in the Stonegate Pub Company could be refinanced this year.

The union is claiming that huge interest payments on TDR Capital’s debts have already resulted in cost pressures at Asda, resulting in “cuts in hours for staff, cutting corners on health and safety and a rise in a toxic culture of bullying and harassment”. This has led to a vote for strike action at Asda's Gosport store in Hampshire.